Ashmore is seeking compensation for lost earnings that he claims resulted from a delay in obtaining approval from the regulator to set up a hedge fund when he left Goodbody in December 2001.

The former stockbroker claims the delay resulted from allegedly unsatisfactory references provided by Goodbody and its then managing director Roy Barrett to the Irish Financial Services Regulatory Authority (Ifsra).

Ashmore applied to Ifsra for approval to set up a hedge fund with two business partners, Gerry O'Reilly and Paddy Shanahan. As part of the licencing process for such ventures Ifsra is required to seek references from previous employers. On leaving Goodbody, Ashmore submitted the relevant forms to Ifsra but failed to gain approval.

Ashmore claims that the delay in getting authorisation to become involved in Pilot View Capital, which has since started trading, has cost him 22m in lost earnings.

He is seeking damages from both Goodbody and Ifsra.

Ashmore's dispute with Goodbody came to light during the Fyffes/DCC insider dealing case in the High Court last year when the former trader was called to give evidence on the controversial trades in Fyffes shares at the centre of the case.